A restaurant shaped by provenance, service and quiet authority

Margaret retains its No. 2 position in the World’s 101 Best Steak Restaurants 2026, and it does so with the kind of confidence that cannot be manufactured. In Sydney’s beautiful harbourside suburb of Double Bay, Neil Perry has created a restaurant that feels complete - not because it aims for spectacle, but because every element is resolved. The result is one of the most compelling produce-led dining experiences in the world of steak restaurants today.

What sets Margaret apart is coherence. The room, the kitchen, the service and the produce all move in the same direction. The open kitchen and hearth are not design statements for their own sake. They create rhythm and clarity, keeping the focus where it belongs: on the ingredients, the cooking and the guest experience.

At the centre of Margaret is Australia itself. Perry’s respect for provenance is not presented as language, but as practice - a steady commitment to the farmers, fishermen and producers who define the country’s culinary identity. Dry aged beef cooked over a wood-fired grill delivers depth and character with a restrained hand, allowing the quality of the beef to remain the centre of attention. Nothing is overworked, nothing is disguised.

That focus is reinforced by the calibre of producers behind the selection. Blackmore’s Rhone and Mishima beef sit alongside the offerings from CopperTree Farms, where the wider range of products reflects a considered approach to animal, origin and use. Together, these choices underline what Margaret does best: it does not rely on excess, but on the strength of the raw material and the clarity of how it is handled.

Yet Margaret’s authority is not limited to steak. What elevates it to the very top tier is the way it carries the same standard into seafood and the wider menu. The restaurant moves seamlessly between pasture and coastline without changing its discipline, which creates an experience that feels both generous and sharply composed.

The wine offering completes the picture, with a strong focus on Australian producers and sustainable winemaking. Service is calm and well prepared, delivering detail when it matters and leaving space when it does not.

As both the reigning and continuing No. 2, Margaret stands as a living portrait of modern Australian dining - confident, grounded and built on substance. It earns its position not through volume, but through clarity: a restaurant that knows exactly what it is and delivers it with consistency and conviction. And we are confident that the very best is still ahead for Margaret.

From our point of view, the businesses under the Margaret family are exemplary models of how restaurants should be run, not least when it comes to leadership and staff culture.